Minister of State for Petroleum Resources Timipre Sylva has left Nigeria to Equatorial Guinea on a start of four-nations shuttle to oil producing countries that include Equatorial Guinea, Gabon, Congo Brazeville and South Sudan within the week.
A statement by GROUP GENERAL MANAGER AND SPECIAL ASISTANT MEDIA TO THE MINISTER Garba Deen Muhammad
SAYS Two weeks ago OPEC announced the appointment of Nigeria’s Minister of Petroleum Resources Timipre Sylva to act as its Special Envoy to the four countries.
Timipre Sylva’s mission is to discuss issues of compliance with production cuts used by the organization to stabilize oil price which plummeted to $10 per barrel at the peak of the global Covid-19 pandemic.
The 60-year old organization had rallied and undertook painful production cuts among its members and also persuaded its powerful allies such as Russia to do same.
The sacrifice paid off as gradually demand improved and prices began to rice untill they reached the current impressive level of about $60 per barrel.
The statement said The choice of Nigeria’s Minister of State State Petroleum Resources is seen by analysts as a recognition of Nigeria beating daunting odds to achieve full compliance with OPEC cuts, despite its other economic challenges.
The Minister is expected to deploy his country’s credentials as a fully compliant country to encourage the four nations to stay the course and abide by the cuts and general OPEC principles.